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Almost every high earner (400k to over a mil) on this sub and on Reddit in general has said they came up from poverty. How did you do it?
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15d
Thanks for your insight and it’s most absolutely this. Those who are predisposed to being wealthy from past generations do not have the need to post on this sub. However, those that came from nothing do, whether they are scared to share it in face to face communications or because they had to strive that much harder to get there. Hence the reason those that grow up from poverty has tendencies to work harder than those who haven’t.
Great comment. I’m feeling what you’re saying. Grew up middle class and now making a very decent chunk of change. I mentor my kids and others on the difference between being rich and being wealthy.
Rich = Make money and spend money. Buy over the top clothes and cars and vacations you can (barely) afford.
Wealthy = Make money but save it and invest it. Don’t buy stuff you don’t need. Don’t buy stuff to impress, but treat your friends (Dinner, MLB tickets, nice bottle of bourbon).
“Burn rate” is something not brought up enough with personal finance. “Live like a King for a few years or live like a Prince forever”.
This is something that I understand but fail to practice quite often. I do max out all of my tax advantaged retirement vehicles, fund my kids’ 529s to a level that I can’t imagine won’t cover undergrad + some decent chunk of higher level education, and put back random chunks into my taxable brokerage account and I don’t drive new cars or carry any debt beyond a couple of low interest mortgages - so it’s not like I don’t plan at all - but I knowingly spend too much money on the good MLB seats and pick up dinner tabs and that sort of thing way too much. I’ve got to get it under control honestly. I need to do a better job of getting my head around what an appropriate balance looks like.
I recently started to deal with resentment from friends. How did you deal with it?
This (second paragraph). To the point on playbook… you need to build your own. But the one thing is common is a North Star of wanting to achieve X. For example, I knew I never wanted to worry about money, but I did other things than try to make a lot of money (that route is my playbook and each person should design their own). Instead here are the principles: 1) don’t spend more than you make, 2) invest 10% or more… and start as early as possible, 3) don’t take on debt other than a house, 4) scale your lifestyle slower than your income. And go build your life your way. There is ROI beyond money!
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15d
My short story, parents split early, lived with mom, she filed for bankruptcy etc. I didn’t like not having money, so when I had an opportunity to go to college on scholarship, I took it. During school, I looked for the easiest path to money. Looking up salaries of people without extra degrees etc. Figured marketing and Pr can earn a lot, so I went that route. I’m 33 now, graduated college in 2012. I have had 11 jobs in 13 years. I make 310k now. Job hopping isn’t nearly as frowned upon. Make moves, until you get to where you want to be.
Note on this:
You have to be smart about job hopping.
A different user here or somewhere else had said they several job hops but were still making under $40k. Of course the problem was they were job hopping to the same bottom of the barrel position In the same industry.
You can definitely job hop the wrong way. Has to be strategic leveling up and you have to be ready to take on the challenge or you can fail.
The strategy isn’t hard though. Ask your current employer “what career path options are available here for me in the near future” if answer is none, then job hop.
Don’t lateral without valid strategic value prop.
Puzzled how this (serial job hopping) works.
The more you do it, the more I assume you'll be considered a flight risk
Role learning curves can often take 6mo-1yr, at which point you're unlikely to have made any material change to the company operations. What's there to sell to a new employer?
Serial job hopping was definitely the norm in SWE back in the 1990’s and 2000’s. It required cultivating something of a “rock star” persona, and also did require being talented and working hard to quickly get up to speed with each new environment.
In my more recent experience (not SWE), upper management is acutely aware that our young cohort is likely to job hop, which makes it challenging to advance long term projects and to develop talent. And they seem to recognize that it takes a fair amount of time to develop a new hire into a contributing team member. Especially among new and recent grads.
In my case, during my ~10 years with my current employer, they twice applied a “market adjustment” to my salary over the last few years, outside of promotions and yearly increases. These amounted to tens of thousands in my base salary. Maybe I could have done as well or better by job hopping, but I like my job, it offers flexibility that I need and value, and I was able to avoid putting any effort into job hunting.
And by sticking around, I’ve learned a wide array of specific skills and knowledge, and built relationships with a great many colleagues. Nobody is indispensable, but I am pretty secure in my position, having become a subject matter expert for our core revenue stream.
The thing people don't tell you about this kind of job hopping is that it only works if there's something special that you can bring to a company. That doesn't mean that you have to be unique necessarily, but you have to be in a high demand space (like some of the folks in tech) or you have to bring a system or concept or idea to a company that they don't think they can get somewhere else. If you have that thing you can job hop all you want and no one will hold it against you - because where else are they going to get that skill set? Have that and people will give you roles that maybe you haven't justified yourself for because they want to get you in or keep you.
I think the stigma has been going away. Most people are serial job hopping these days. It’s one reason why younger people are making much more money than their parents, even when adjusting for inflation. For boomers, many have stayed at their companies for years, only getting a small 3% increase every year. I think younger people are just more hungry for the $$$ (not that that is a negative thing!) and won’t settle for less.
Are young people making more than their parents? I’m not challenging the premise of job hopping btw, I think you’re 100% right on that in a lot of fields, but statistically, I think the studies have shown the current generation is going to be less well off than their parents. Something to consider.
Many studies have shown young people have higher salaries than their parents did at similar ages even when adjusting for inflation. Where our generation is struggling of course is with student loan debt and cost of living. But in raw numbers, many are making higher incomes than their parents, particularly due to higher educational attainment rates. Most boomers never went to college, compared to a significant portion of millennials and gen-z who have.
Can you link on that’s adjusted for inflation? I don’t believe I’ve seen any that are adjusted for inflation that show the younger generation out earning the old. If it’s not adjusted for inflation I have seen those studies but they are highly irrelevant.
Less well off doesn’t mean we’re making less. Salaries are higher but purchasing power is much much lower.
Young people also just aren’t saving. Many of my friends (31 or younger) all save very minimal amounts for the future.
Either they don’t have the ability to or literally just choose to buy things they truly can’t afford instead.
If I see three jobs in five years on a resume it’s going in the trash.
To your second point that only happens with people that aren't motivated. When I start at a new place I may only work my 40h that you see, but then I'm spending another 20-30 at home for the first month or two to learn the systems, the product, and how the company wants things done.
I'm that guy scheduling an email to send at 7am so I don't wake you up from an alert at 1:30am.
I'm not pretty enough to get a good job so I rely on my talent and charisma and work ethic.
Motherfucker, you're hired. You're the person I want to work with. Also, I work with a bunch of people like what you're describing and we're killing it. I think that's the scenario that gets results.
You’re spot on. Especially in the tech industry where it takes that long just to get comfortable in the stack. I’ve interviewed people who held 5 jobs over 6 years. They always have some compelling reason why they left. But most of us understand when people jump every year or two. It’s when I see people with multiple hops under 1 year it becomes a major red flag. Like if you worked for one shitty company I understand. Two shitty okay bad luck. Three or four though? You might be the shitty employee.
Yea I see product managers all the time job hopping and I always wonder who the fuck is hiring them? If they are job hopping every year they never see the long term outcomes of the products they build or get a chance to learn from mistakes and refine their v1s. They are going to naturally be substandard talent.
Employers are stupid is what I’ve learned. I have no idea how it works. I sit here watching my employer hire the job hoppers. They come in for a year and are completely and utterly useless. They then leave for their next job. All the while, their co-workers pick up the slack for their incompetence. Typically, their co-workers get paid less too. Companies have to find a way to value their employees.
Probably the fact that he successfully worked at 13 jobs and has the letters of recommendation to prove it.
To work 13 jobs in 10 years requires an uncommon type of will, tenacity, and intelligence.
Niche career path. I got into ad ops very early. It’s something that doesn’t get taught at any school. That allowed my skill set to be directly tied to company revenue, and easily measurable.
The key part of your comment is identifying the easiest path to money. That’s it.
Identify the best career options from an earning potential vs cost to achieve perspective, choose the education path that supports it, then grind your ass off and skill up on your way to 400k+.
Honestly, you need to job hop. Internal promotions and raises don’t exist anymore. Company loyalty just makes you a chump. You need to be looking at moving jobs every 2-4 year under normal circumstances.
Yeah I agree. I’ve stuck around at 2 places for 2.5-3yrs each in that span but they both gave big pay bumps to do so. I was also let go twice for mass layoffs so my numbers are slightly skewed.
How large of city are you located in? How large of company are you in? It's encouraging to hear someone can make six figures in marketing, I rarely hear from other people.
My career is advertising tech. To be clear, that falls more into tech than ads haha. But I’m in LA, started in a small town call Cheraw, South Carolina. Graduated high school with a 4.0 all honors and got into UCSB, where I majored in Sociology and minor in writing. Fast forward to now, doing just fine.
I have a very similar story, first half is exactly the same, except I didn't job hop. Also make 300K now.
I’m not in that top 2%, but I can tell they got there because of circumstances specific to them. Anytime wealthy tries to tell you how to become wealthy yourself by following their footsteps, you’ll most likely end up disappointed and with more debt simply because there are far too many variables that contributed to their success.
For instance, I literally just graduated last week with a BS in Computer Science, and I already got a $170k offer, and a $120k offer. It’d be easy for me to tell you get a CS degree and you’ll be guaranteed a 6-fig offer right out of college, and half a mill in total compensation by the time you’re mid 30s. Most likely that won’t be case.
If you don't mind me asking are those offers just salary before other benefits?
Total compensation. Base salary is $125k and $110k respectively. Sign-on bonus for the smaller offer is $10k with undisclosed bonuses, but the bigger offer is $30k sign-on + $15k target annual bonus.
Neither is tech so RSUs are less common.
Wow congrats. I thought the industry was rough lately.
May I ask what school and GPA?
It is rough lol, the point I was trying to make is that survivorship bias makes it extremely easy for me to tell everyone the market ISNT rough.
I went to GMU, and had a sub 3.0 gpa until I graduated.
Parents split when I was six, my mom was alone w/ 3 boys, never worked a day in her life until then, when she retired in ~2015ish she was making the most she ever made in her life, $31k. We rec’d very limited child support from my dad, he was in construction.
I knew I never wanted to be poor if I could avoid it, started working in a restaurant at 14 (lied on my app, said I was 15), saved up a few thousands dollars, paid for state school myself with just a little bit in loans (less than $20k, graduated in early 90’s) while working 30 hours a week while in school got a degree in finance. When to a “big 6” consulting firm, after making manager moved on to a software company, eventually made my way to sales, then exec, then officer at another company, then another. Retired at 49.
Wow. Well done!!
Yeah, that's the ideal trajectory. I hope I can get close to that.
Similar story. When I was 7 years old, I decided I wasn’t gonna live in poverty my whole life. Skipped drugs and alcohol when my friends were doing it. Got addicted to computers and work instead. Spent almost all of my time reading. Read financial literacy and self-help books from the library. Eventually ended up in tech. Worked hard.
Husband makes around 400-500k now, aiming for 700k in the next two years. Came from poverty where the dad was barely around and education is not a priority. Did terribly in hs before he realized he had to change his life. Went to community college then a state school where he studied hard. Went into finance and grinded, job hopping multiple times. Now he is early 30s. When you get to a certain level, management loves a rags to riches/ worked my way here type of story. Now they eat that shit up which helps. But he really is good at his job.
May I ask what he does in finance? I'm hoping to make around 400-500k in my early 30s as well. How many hours does he work?
He does opportunistic investments in credit/fixed income. So base is generally fixed at around $200k and everything else comes from bonus. Works maybe 50 ish hours and on the weekends once in a while if needed.
It’s all about seeking opportunities, learning what good opportunities look like, trying to make your own opportunities.
For me, it was
- Get an accounting education as that makes your floor pretty high if you bust your ass in school and network
- Take on more responsibilities even when I wasn’t comfortable
- Lead people, take control, and push forward as a team
- Gain technical skills
- Gain sales skills
- Save your money. Money is so hard to make, don’t spend it like a fool.
Yes, I’ve spent years mentoring and will continue to do so daily until I die. One of my greatest satisfactions in life is helping people to be financially independent.
Sending DM, if you had a few minutes to discuss my career history and upcoming career switch situation
Can confirm this path works. I got an accounting degree from a nowhere school and made CFO in 10 years. I’m not as high as some of the others here but I’m at about $250k from my job and another ~$50k from consulting and other activities.
As for me, I became homeless at 15 and was on my own since then. Abusive dad who pretty much ghosted after the divorce and dear mother was an abusive drug addict who kicked us out as teens. I never went back and don’t talk to either of them.
In my view there are two things that breed Accountants. Poverty and recessions.
No one is going to say accounting is fun, but it teaches you a lot of stuff. Great way to start a career
I decided when I was young that I never wanted to live like my parents. Always struggling to even buy groceries. I took all of the finance classes in high school and then in college which ended up being a waste of time. As they thought me nothing. But my mom started dating a guy who was 100% a con artist but he did do some legitimate real estate investing as well. Made me understand that if I could take my money and buy an income generating asset to pay my bills it would grant me financial freedom. Bought my first duplex about an hour out of the city just before my 19th birthday. I used the income from that to buy a car. I worked and saved and bought a townhome for me to live in closer to the college and made the decision I would never rent again. Every few years I would move rent out my old place and buy a new one. This is very slow wealth creation but it allowed me to build up my net worth and that allowed me to buy a business that brought in 320k a year in profit 200k a year towards the sba loan and leaving me 120k a year. I took my growing income from this and started buying minority stakes in other small businesses which included limited liability and usually had a 50% cash on cash return or greater. I’m currently still growing this till I officially retire. I never made great money in my work I was a MLT at hospitals. Though the last 2 years I discovered travel contracts which allowed me to almost double my income from work.
How does someone supposedly poor buy a duplex at 19?
I worked every summer in construction saved that money Bought a car for like 5k at 18. Was at a red light and a girl was texting didn’t even hit the brakes at the red light went straight into me. Gave me some terrible whip lash and back pain. They ended up giving me a check for 10k. I used that 10k as the down payment and bought using seller financing. Cash flowed about $200 a month. I used that $200 a month to purchase a newer used car.
I’m not in that range yet. My older brothers are. We grew up in poverty. One is a doctor. The other is an attorney. No Ivy League schools. Unranked state schools. No Big Law. Just hard work, perseverance, and God’s will. The attorney failed the bar multiple times before finally passing. 5 years later, he started his own firm. He’s now making around $1 million annually. The doctor is making around $500k annually. Both are in their early-to-mid thirties.
I don’t know that there is a sure way to earn this type of money. But it definitely would not have been possible for them without these professional degrees.
Personal injury attorney I’m guessing
Esp with failing the bar multiple times. C law students go into PI and make the most.
That's a space where marketing is more important than legal proficiency.
Yes…. And Duh lmao 😉
The failing of the bar and C student portion kinda gave it away.
Well what you’re seeing is a function of a few things.
-The third generation trustafarians are busy depleting/squandering their family wealth to the best of their abilities and don’t have much earned income. Go to a bar in Williamsburg if you want to meet them.
-The second generation uber wealthy also tend not to have much earned income.
-The typical lineage of a millionaire is poor grandparents, middle class parents, the millionaire’s kids will grow or maintain the wealth, and their grandkids will squander it.
-Top law schools pretty much only care about your lsat score and to a lesser extent gpa and most biglaw firms are interested in your billables although connections do play in bringing in business at the partner level. Medical schools don’t care at all about your family background unless you’re like the Frist family. Sales jobs don’t care at all. Tech jobs don’t care at all. Airlines don’t care for pilots.
Private equity, VC, hedge funds do care but there are fewer jobs there than these other fields.
Medical schools only care about your MCAT and GPA. Don’t think that a holistic application makes up for academic prowess.
Then, getting into residency/fellowship, which is where you you get a spot in a highly lucrative or not-highly lucrative field is based on USMLE scores, medical school ranking, and WHO YOU KNOW (the most important one).
Your income on a doctor is made entirely on how many RVUs you produce (which is the medicine equivalent of billable hours) unless you’re a salaried employee
Work ethic. Plain and simple. The fox is running for its dinner. The hare is running for its life. We want it more than them. That’s my case anyway.
Poetic. Love that analogy
Not at 400k yet but highly likely to do so before I’m 30… I had free lunch and breakfast K-12 in a highly conservative state, to show you how down bad I was.
Studied hard in high school, my AP and SAT exams were free because of my parents income.
Went to a midtier college on only the Pell Grant which covered 50% of the cost, student loans covered the rest. Did premed, worked myself to the bone studying, volunteering, doing research, etc. Was able to take the medical school admission exam for free and got a ton of free study supplies.
Currently in med school, will graduate a year, after I finish residency and maybe do a fellowship I’m looking at $350-$400k in private practice to start out, this would go much higher if I became a partner.
So I grew up in rural south. My parents weren’t around.
I later went to college and got an internship at Goldman (TmT M&A).
Later I went to private equity and strategy. After a few exits and knowing people I moved again.
This is like a decade of mastering the field. I now hold a high position and immense equity.
There is a degree of luck and also it’s sacrifice. I saw what the world has to offer and I put in hundred plus hours in all the time.
Tbh that’s how. You grind but learn the game and always be likable. Have emotional intelligence and eloquence? You’re going to leverage it.
Not in that range yet but on track to get there :)
Grew up in trailer parks of rural south, pregnant and married at 16.
No degree, but have some college and make 6 figures a year in salary. Bought my home for a steal in an area I knew was rapidly growing in near future, gaining me 300k in equity today without a single improvement on it. With each advancement, I live modestly and invest the bump.
It's a slow process, and excruciatingly hard work and sacrifice. Throw in some luck and networking as well.
But it is possible. College is not the only option if you have the desire to learn and teach yourself skills.
I am blessed and try to pay it forward as much as I can. I have mentored friends getting into the field leading to their successes and also do foster care, mainly teen/young adult. As a hiring manager, I ask for all resumes and applications, regardless if they passed the weed out. Some of my best employees have come from this approach that recruiters put in the discard pile. I can teach tech if you have less than all the skills required, but I can't teach soft skills/empathy or magically bless someone with an inquisitive mind and grit.
Got a doctoral degree in healthcare and my wife is in healthcare. We bought multiple houses around 2010 and converted them to rental. Started 2 small businesses in addition to rental incomes and primary jobs which earned us $250k combined.
What’s your doctorate in?
Sounds cheesy and cliche. But the secret sauce is grit and ability to seek out and recognize opportunities.
Parents divorced after 9 years of marriage. I just turned 7, and my sister was 8. We lost our house and had to move in with my grandparents (grandfather was a pastor). We stayed with them for 5 years. My mom was tired of her parents' rules, so she applied for section 8, and we moved to a really nice community that only accepted section 8 on rare occasions, we got lucky. As a kid, I didn't know we were poor, I thought we were doing great. The other kids at school would say you live where? Damn, y'all must have money. I didn't find out that we were on section 8 until I was much older. I joined the military when I was 18, stayed in for 20 years, and while I was in, I bought rentals everywhere I got stationed. I rented only to the military first for about the first 10 years. Now, I only rent exclusively through section 8. I want to help kids who were just like me have an opportunity to grow up in a good school district and live in a nice, safe home. Growing up that way for me changed my life. Now retired from the Army, I manage 8 properties and am an independent consultant with DoD on defense contracts. Properties range in value $350K to $1M. All paid off.
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15d
This is moreso on a comment on the nature of those sharing there salaries that come from "poverty"
I believe that even tho it may SEEM like the majority of very high income earners or at least a large portion are from low income families, statistically, it's not true. Most of those who become part of the 1% were already part of a 1% family prior, therefore having a ton of money is not something that they need to "show off to Internet strangers" so to speak.
For example, if you've only driven Mercedes, bmw, and Lexus cars your whole life because your daddy got you one, when you go buy one your self with your nepo job, it's just not out of the ordinary, therefore you don't feel a strong urge to brag to others because well, your friends and social group already have one and possibly something better.
So I would say that it's not actually normal for most poverty kids to grow up to earn 500k-1mil annually either via business profits or salary, but lurking this shb might make you feel otherwise.
I’m not quite at 400 - I’m barely at 3. But having a similar upbringing to what you describe I will say it’s a mindset built from fear of failure, knowing so desperately what you DONT want, and knowing if you don’t do it no one else will and there’s nothing to save you. No plan B. I think a lot of people speak to those things but speaking and having it ingrained in your soul are two different things. I also live WELL under my means to this day driving a 20+ year old Honda that I fix myself getting my hands dirty when I’m an upper-mid level regional manager. I’m “white collar” yet just replace my CV axles and struts and brakes. Not crazy hard with the right tools honestly took most of Saturday and part of a Sunday, but you get the idea.
The mindset is that 2mm shift. People will say job hopping means your a flight risk; whereas I exude or mentally snap to a (most of the time) humble yet “it’s just business and good talent leaves to be paid what it’s worth” mindset. I’m on constant overwhelming offense not defense if that makes sense. That being said, I’m not a huge job hopper in on 3 gigs in the last 10 years including one I’ll fated on fire start up that I jumped from at exactly one year, so that doesn’t really count IMO.
But I’d say it’s mindset, motivation and the never enough mentality not necessarily born out of greed but out of wanting to be increasingly safe. I need another condo paid off to rent out in case the floor drops out from under me kinda thing that’s continually whispering in the back of my mind.
When I was applying to colleges I typed in “highest paying college majors” and then I picked one of those. People act like it’s by some magic that people become rich. Now, with that said, I have 2 years of experience and my total comp is closer to 200 than 400k+ but, I should be there within 5-7 years.
Family homeless on and off for 10 years as a kid. Joined the Marines to escape the crazy at 18. GI bill to college. Studied finance and Econ. Did well. Got a job. Took a long time, changed firms for large $ bonus a few times. Now at top 4 Wall Street firm earning 7 figures. You need to study hard, work hard, and when given the opportunity, excel. Many want those spots, it’s very competitive. Hardest working people I’ve ever seen all work in finance. 60 hour work week in the minimum expectation. I’m now 25 years in and I’m still hitting 60-65 hours every week. It’s not for the weak.
This is reddit, its social media, people are always lying. Many of the other ones had a lot of luck and success that has nothing to do with them or their skills.
Survivor bias as well. The top earners have a nice story to post.
literally. there’s thousands of people with the same beginnings and put in more effort and won’t be posting in here because things didn’t work out.
I mean, it takes a combination of intelligence and hard work too
it does! but it also takes a bit of luck.
As does everything in live, hell it takes luck just to make it to old age
This is such a bullshit take lol. So it’s a mix of the liars and the lucky? With no agency?
Good grades in high school got me into a pharmacy program.
Graduated with a PharmD 7 years later.
But ultimately the decisive factor was meeting my wife and then meeting her boss who bought a pharmacy for me and her to manage (and we take 20% profit from that business).
I still work a full time job at the hospital overnight and my wife works at the pharmacy full time as the manager in the day time and I remotely check up on the place while I am working overnight and handle contracts, paperwork, etc.
In the kid of a mechanic and low level nurse. Wife’s parents were enlisted military and fast food. She went to law school. I have my mba. She will probably clear 300k this year owning her own firm (took 4 years to really turn a profit). I’m a fractional cfo and finance consultant. I clear probably $225k and only work part time.
Most people don't have the brain power or drive to make that sort of money.
Very high paying jobs at Big Law or at prestigious investment firms are very pedigree focused.
I think that's less true than a lot of people assume. Big law might care a lot about where you go to law school, but law schools don't seem to care that much where you went to undergrad so long as you did well and got a high LSAT score, and there are plenty of firms that recruit at strong local schools that are well outside the T14.
That said, I think it's a lot easier to progress in big law if you come from a background with lots of connections to other well off people in high up places, because that makes it easier to bring in high value clients.
I shared this in a previous post, but I grew up with a single mom in NYC, where the three of us (my sister and I) shared a one-bedroom apartment. For years, my mom slept in the living room and made just a little more than minimum wage. When I was a teenager, she became a public school teacher.
It wasn't necessarily poverty (or maybe it was?) but we were working class. I went to a really good high school that I tested into, went to a state school, spent some time as a musician (making 5-10k a year), and transitioned into tech in my late 20s. I'm naturally inclined to programming, and I worked my ass off (like doing work all day, every day for years) and got into FAANG.
There's a bunch of luck there, but generally speaking, a focus on education, some innate ability, and a willingness to work makes the difference. Having a taste of being upper-middle-class made me never want to return to what I was living before.
Tech, in particular, has been an amazing way to escape generational poverty because it doesn't have the same class and pedigree gatekeeping as other high-paying fields.
Parents are immigrants. Moved to the US I was pre-teen. Started off w Food stamps, low income household growing up. Transitioning to middle class by the time I was graduating high school
Had terrible grades in high school and low GPA but went to night school to fix. Went though community college -> modest state school.
There are concrete steps you can follow towards wealth. You identify high paying careers, pick one you like, and work hard at being good at it. It’s simple but requires hard work and working smart and planning ahead and sacrifice
I went to school for accounting and got into a big 4 firm. That path WOULDVE led to high income
However after a few years I changed careers completely and got into programming. Began at a startup and ultimately got into FAANG. This path HAS led to high income
Both of these paths would have led to high income, but I picked one I like more after trying another and deciding it wasnt the best fit.
Besides business / entrepreneurship (which carries more risk and uncertainty) there are many careers that lead to high incomes. They are not secret. They are accessible w a reasonable amount of commitment and work
I was middle class. Had good public schools. Was involved in sports and activities. I had a good childhood. My parents made sacrifices to ensure it.
First off, who uses Reddit? Serious question, so check the denominator on your assumption.
Don’t ask me how I did it, I just did it, it was hard!
I grew up in a single parent household on section 8 blah blah blah.
I joined the air force at 18 and invested as much of my money I could in stocks/real estate as I could. Ended up with 15 doors by 26.
Got out at 30 and became a defense contractor, making about 200k a year. Combine that with my stocks and real estate and I was at 400k-600k a year from 2020-2023.
Decided to FIRE last year, now I'm only bringing in about 150k passive, 1 million in my brokerage account, 100k in HYSA, and down to 7 doors.
EDIT: thought I was still on the FIRE sub
Grew up poor, ended up middle class by high school. Went to a decent school, got into a state university. Graduated and got a job based on reference from my student worker job to a full time job at the university. Got a reference to an industry position based on working with a field engineer from the same company. Worked my way up from customer support to field sales based on my performance and networking within the company. Have solid reputation and references within the industry.
I would say the primary driver for making it for me is networking and recognition based on work performance. Both were required together to open up opportunities.
Very lucky and a desire to not be in poverty.
After our house got foreclosed and Grandma passed we wound up living in her 600 sq sq ft house that was 8 blocks from #2 Chemical Engineering school at the time. I mention Chemical Engineering because that’s what had the highest bachelors pay so that’s what I wanted to do. Pell grants took care of the degree while lived with my parents through college.
My GPA sucked so I took jobs where I had to work a ton of hours in factories for the lower end of the graduating pay range. Had a knack for treating people well so I wound up in leadership. Got to know the technical aspects of my jobs way better than my bosses also so got several promotions for combining good technical and people skills. Company paid for my MBA a few years back.
Got out of high school and needed a part time job while going to college. Fell in love with part time job and dropped out of college. Recipe for disaster, right?
20 years later I’m now a associate vice president in that fortune 100 company. I oversee 1.5 billion in revenue and a thousand + employees. Total comp 400k+ in a bad year.
Not necessarily poverty but lower middle class at best. I think it got magnified because we were in the middle until I was eight then dad started a business that never did all that well and Mom went to work as a lunch lady for 6 years. Went from having enough to eating lots of beans and rice with stew meat type meals.
It gave me a lot of drive to never do without again and give my kids all the opportunities I didn't have like going away to school and travel, etc.
And that's the difference I see between people who are just smart and those who also have drive. In the C suite now and I worked a lot of hours, invested anything extra and didn't really feel comfortable spending beyond housing until our 40s. We're comfortable now and had kids later too. We're traveling more and can indulge our hobbies now but early in our marriage we both put in 12 hour days regularly building our careers. Some regrets but not many and most would have had their own downsides.
I'm a college dropout who makes about 750k/year. I did it by being self taught, making my own businesses and networking.
I also barely made it through high school. I skipped a ton, lotsa F's. I'm bad at being a student in the traditional school system.
I think I'm excellent at research, self improvement, pursuing interests that are exciting to me. I created a skillset that was unique and in-demand at various companies I worked for. Met and worked with lots of people and tried to preserve positive relationships whenever possible. Knowing people helped me to get the big tech job I have now, and also demonstrating to them that I knew how to make things, run my own business, basically do things that very people can do.
Talent and skill can be learned if you're motivated enough. I'm not the most talented person ever, but I have enough of it to qualify as useful to people who have less of it. At the end of the day, make yourself useful to someone and you'll make money.
But to get there I had to spend years toiling away at self improvement. I had to learn and get better at what I do, it takes time and investment. That's years of not making much money. In the end though it can add up.
When you grow up poor, or like me whose parents made a decent amount of money but always spent more than they made and had a ton of debt and couldn’t afford anything for the kids, you learn good work habits. You scrimp and save to avoid being like your parents. You start working young - I was in 6th grade and had a paper route I threw before school every day. Babysitting, other odd jobs before I was 16 and could get hired to work. You value school and education because you know it’s the path out, but still have to work 20-30 hours a week to pay the bills while in school full time. You don’t whine and complain on your salaried job when you have to work 60 hours a week to excel and get ahead. And you do get ahead, get promotions and raises, or start your own business and build your income.
I know times have changed but damn it drives me nuts to hear “the system is rigged against me, 40 hours is to much to work in a week, I want to get paid more and work less, I should be able to have a great life working minimum wage jobs.” My teenage son has to work (because we said so), and he just got promoted to assistant manager at his job after 2 weeks because he’s the only one that works hard and will work when the manager isn’t there watching. Good grief, it’s not the system that’s rigged against the younger generation, it’s their attitude and unwillingness to work hard for 8 hours when they’re getting paid for 8 hours.
OK, I’ll get off my soapbox now.
This sub is full of liars and fake posts.
And huge selection bias.
There's no poor people who are keen to show off their salaries.
Grew up super poor. Got made fun of for my Payless shoes. Never forgot any of these ass holes and made it my sworn vengeance to be more successful than any of them.
You should assume 1) This sub is full, full, of lies and 2) Whatever truth tellers have the psychological makeup to want to blab about their high salaries and humble origins, are self-selecting for the feeling that it's the most significant thing about them
A lot of people are telling a lot of BS on here
neither of my parents went to college, they just do blue collar-ish work. When I finished elementary school, my parents moved me across town to a school district where our rent was 3x more expensive because the school district was better there.
I'm an only child so my parents did everything they could for me. I got into a good public university, majored in engineering, worked at a few startups, got into FANG, make around 300k now. I'm in my late 30s now. I fear this might be the peak of my career because I'm not doing that well at work recently. I'm also depressed, on anti-depressants, and been lonely most of my life. I promised my parents that i won't commit suicide as long as they're aline. (i bench two plates and run a mile under 6 min though, so i have that going for me i guess)
If you look at actual statistics
https://www.timothysykes.com/blog/you-wont-believe-these-10-millionaire-facts/
79% of millionaires are self made. Don’t believe Reddit that tells you only those born into wealth can succeed in life. It’s a message that keeps you from trying. Keeps the common people down.
The people who become successful don't have different problems, we have different solutions. We don't blame anyone for where we are, it's on all of us to save ourselves. If you don't like where your life is ...look in the mirror and have a talk with that person
While I don't make 400k+ I do come from near poverty, and managed to achieve over 200k...
I grew up in a split household. My mom made around roughly 30k/yr and my dad made roughly 40k when I dropped out of highschool in 2006 to get my GED... Both were hit hard by the 2008 recession, which caused me to drop out of collage that same year...
My entire life I was told not to get my hopes up for a high paying career (unmedicated adhd kid who's teachers consistently berated)...
I achieved 100k by 27 and now at 35 I hit 200k. I just happened to be good with computers, be in a lot of right place right time moments, worked my ass off from 24-30 (60-80 hour weeks working a side job and getting certs while working a main job) and freelanced to build a portfolio and gain experience. It took significantly more work to get from point a to point b. Who know's, I might break that 400k wall some day, but I'm also not going to destroy myself anymore. I live in a mid tier cost of living area and can comfortably afford to provide for a family of 4 and still have a bit left over to put away to retire, with a goal of retiring before 60...
Adversity in childhood built a drive inside me to make sure my family never had to suffer like I did.
The military was a godsend for me. I did 21 years, earned a pension and medical benefits for life whose value is in the 3M range. In addition to that I learned skills that led me to my 500K a year career.
The military has so, so many benefits if you can stomach the bull honkey that comes with it.
Almost forgot…… you have to work. Like, always be working. I am 44 and finally able to take a breath and relax. I have been sprinting for 20 years.
They just fuckin’ with you. Be better.
Also people lie to make themselves seem better. Facts are money begets money.
Yes certainly people have risen up but it's the outliers who comment
I think people think of it as a static system, but it’s very dynamic. People move up in income, peak out and then fall.
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15d
Immigrated into the US with two suitcases and $750 cash. I already had a bachelors degree from abroad.
Lived with my cousin’s family for a bit before finding a job. First job was a $50k salary. Once I started working, my cousin co-signed my apartment lease and car loan - I still paid all the bills but had zero credit history so could not get them myself.
Saved every penny so paid off my shitty 12% car loan (it was like $16k total) in the first year without incurring much interest. Got my Discover card once my credit improved and continued building the history.
Two years in the US started a Masters program online and got a better job. That second job paid $72k and offered tuition reimbursement. So I never needed a loan.
Graduated Masters in about 3 years. My next job paid $95k with these new and improved US academic credentials.
About 4 years into that job I was able to save downpayment for my first home. I’ve renovated that home myself, including finishing the basement. Just worked on it little by little, took all winter. Same with the furniture. Started with a bed and a kitchen table set. Eventually everything else appeared. Since then I’ve upgraded my residence 3 more times, moving into larger properties and better neighborhoods.
My compensation hit a plateau at that time with nothing but 3-4% annual increases, so a change was needed. I switched from individual contributor into management after realizing that I could not differentiate otherwise. I wasn’t any better at my job than all the people in the cubicles around me. So I’ve moved to a far less desirable area to take that promotion (remote work was not really a thing then), and with some additional career progress over the next couple years, reached around $175k in pay.
Then I changed roles again, now from corporate into sales. With my inside experience I knew way more about the products and the intricacies of contract management than my sales peers, so I became successful. My pay effectively doubled over the next few years with commission and bonuses.
Got tired of sales pressure and travel eventually, and returned to a corporate position at another company - an individual contributor role but with a much higher pay. So that’s how I got over $400k.
All in all I don’t think my career was really anything super exceptional. It’s really a boring story. No huge payouts from stock or M&A, haven’t started my own company or patented anything remarkable. Didn’t become a CEO before hitting 35. Just always kept my eyes open for better opportunities, understood where the markets were headed, and where the wind was blowing internally.
My bachelors degree was in sciences but not directly related to my future career path. It was more to keep the doors open. At the time I didn’t really know what I was doing, and more importantly why I was doing it. My heart was simply not in it, which was reflected by my rather average 3.17 GPA.
I believe it was very important to wait those few years in between, and to work a few different jobs before going into Masters. By that time, I had a pretty decent understanding of what I wanted to do in life. I’ve graduated that degree with a 3.97 GPA, summa cum laude.
It’s difficult to share more without specific questions, it just gonna become a stream of consciousness - so if you are interested, please ask.
Those numbers are high even among attorneys and MDs. I’m not surprised that people in big tech can make that much though. They are obviously overpaid. Not sure how long it will go on like that. People in that industry made very high as well just before the 2000 bubble. I am more intrigued by the title setting the cutoff at $400k like everyone is making $300k.
I’d reckon there’s a fair amount of bullshitting going on in these type of subs. Just a thought
I started a company in my limited free time while Working full time at Starbucks
Define poverty! Some here and other subs define middle class as poverty. Money dysphoria is real!
I agree 100% that money dysphoria is rampant. You have people making $500k claiming to be paycheck to paycheck and barely able to afford a home.
Although from my understanding when people on Reddit say they grew up in poverty and now make $400k to even over seven figures, they generally state that they were dirt poor, on assistance and/or homeless at some point.
Could it all be bullshit? Maybe. But I find it fascinating if true, and very inspirational.
I call BS. It is just hip to say these days. I was a self made man or woman....BS. I for example would not have made it if my parents would not have made it possible. They were upper middle class.
I grew up solid middle class
Average over 600k past four years and in sales. My dad was in the same type of sales he referred me into my first interview. That’s the only help he provided and I had to build my customer base myself. Grew up upper middle class.
Despite growing up really poor I was always a good test taker. Decided to go to med school. That's basically the entire story.
Bit of an exception as I had a good community and managed to go to decent schools. Tons of stability at home. But the main thing besides that was hard work and luck. People undervalue the luck part but I always make sure to mention it.
Went to cheap state college on loans I never paid back, went into sales, tech sales 10 years later I got lucky and fell into a lucrative position. Work my own hours, full remote, boss doesn’t care where/what I’m doing as long as I’m hitting quota.
I truly think it’s all about the person and how their abilities or hungers grow over time. My k-12 schools were absolute shit. For example, there were two gang wars and two race wars my 7th grade year of middle school. I had a probation office in my high school. It’s all about the person, their ability and willingness to push by. Not just in school, but in risk taking later in life.
My mother told me a couple of years go, “after paying the bills there would be maybe $20-$25 left over for gas and to feed us (her, my brother and I) for the week. But she made it happen. Over and over again for years. I think there’s a special kind of hunger/need that comes from growing up the way I did.
I started from poverty, and I am now at the income level you mentioned above - here is my theory:
In general, I think it is unlikely that anyone moves one from income class to another, but that people that move from one class to another are more likely to do it again than others in that same income class.
Going from lower class to a typical middle class salary is hard. It takes years of effort and a lot of sacrifice. You have to be very future oriented and probably a little bit smart or lucky.
But going from middle class to where my income is now is a smaller jump in difficulty. It still took effort, but whatever it is that is in me that took me from lower class to middle class is more than sufficient to move from middle class to whatever class you call a 400k income.
As for my specific story - sure, I could get into that, but this is my overall hypothesis.
Hard work, an extreme amount of luck, and people that had faith in me for absolutely no reason at pivotal moments.
Basically driven by constant financial insecurity from the time I was 5. Always had a feeling that I can only rely on myself, and no matter how much I’ve made, I’ve both never felt like I deserved it and also never had enough.
Weird way to be motivated, but it is what it is. Same way with my weight… always grew up feeling overweight, and now I can’t let myself not be in great shape.
Career wise, I’m fortunate enough to be very detail oriented but also understand the big picture, I’m a people person, and have an addictive personality. So, I make a good sales guy.
People like to act like they came from much worse conditions than reality
It's called lying and not understanding what true poverty is.
Married to a refugee from Vietnam. We make 400k together. Takes hard work.
Everyone says they are built their success themselves. They're almost all incorrect.
I’m sure some are true but I’m also sure there’s exaggeration (either in salary, family history or both).
Step 1 is going to school you can afford. Loans are fine, but they shouldn't be taken for the entire cost. If they are, go to a more cost effective school. Tough to do in this vapid society, but an absolute necessity.
Being driven by fear of inadequacy and running away from monetary insecurity gets you far in life.
Everything is easy when you lie
375k. Grew up poor in a single parent household, capitalized on opportunities and got lucky my career field was in high demand. Went to college but never used my actual degree other than a “check the box” on the applications. I know lots of folks with a similar story. Doesn’t feel uncommon now. Toughest part of the journey was figuring out my finances after college, stop using credit cards, pay off student loans etc…
I did job hop every 2-2.5 years, each time with at least a 25% pay increase if not more. I know people that have been at the same job for 30+ years making under 100k. Go for promotion as often as you can and when you don’t get it, find another company willing to pay. Often times companies are willing to match or beat an offer, if you have the leverage, best to use it. Always negotiate new offers. Figure out how to max bonus and do those things aggressively. Once you start getting equity and stock grants, those incentives can be very lucrative after they vest. If you are willing to relocate, it opens up a whole different world of opportunity.
Sitting debt free before 40, maxing out retirement accounts, and waiting for RSUs to vest.
Let’s not forget “luck”. Most downplay luck and assume it was all talent. Much has to do with being lucky or u lucky in certain situations for all.i.e. Someone with connections randomly took you under their wing. There was some catalyst besides pure talent.
I’m a slacker at $230K per year. I was on my own at 18 and joined the army guard. They paid my tuition, gave me money for books and paid off my student loans. I got a degree in engineering and then joined the Army as a civilian. They paid for my masters.
230k.my mother, single raised me working numerous jobs. One blessing here and there. Some how got to college majoring in finance.
Well, I pretty much got tired of being poor so I just work all the fucking time.
I have pretty much given up on everything else. Now that I am here, I am working on other aspects of my life.
Unfortunately, most people bond based on their struggles and most people these days are poor. So, I have found it much more difficult to form new relationships than when I was poor.
Everything has a cost.
i did not come from poverty at all. I didn’t get an inheritance but my family put me through a great school system and did well for themselves
You do have to work hard but there is always a degree of luck. Right place, right time, right situation, right people around you…certainly a degree of luck.
They’re lying, don’t believe everything people say on here
References from people you’ve worked with and just moving to higher paying jobs. I have no idea how people get jobs without good connections. I’ve landed friends amazing jobs and vice versa.
College, internships, then full time job
Joined the US Army . Best thing that ever happened to get me out of a bad situation.
My dad grew up poor (in a different country) but is now in this income bracket. For him, it was just smart and hard work to basically excel academically at every point in his life - through all of secondary school, then undergrad + masters in his home country, then a PhD in the US.
it's not anything special, didn't do any drugs, waste time with partying or girls, just study a lot everyday, got great grades and full scholarships to STEM masters degree, then more study got various certifications and licenses. Eventually you get promotions and high salary.
I do pretty well, not rich. I make ~150k, with a goal of making ~200k by the time I’m 40. This is all base pay, my stock options don’t mean anything yet.
Honestly, one part skill and two parts luck. My mother is a seamstress from a third world country and I can trace my lineage to slavery from my dad’s side. We weren’t rich by any means. My first official job with a W2 was working in the back of a restaurant as a teen. My first cash job was selling queso fresco door to door at age 9.
I joined the Air Force straight out of high school with $20 to my name. I went into IT, which was a good choice, as I got to build work experience without going into school debt. I honestly never really thought about doing school until I met my now wife and got her pregnant. Had I stayed single, I would’ve been content with half of what I make, but I wanted to give my kids more than I had growing up.
I left active duty and started looking at contractor jobs. I hated my first job with a passion, so I left after six months. Never work a job you hate. That was a service desk lead job, and I switched to software QA. This was pure luck, as I thought I was interviewing for a sys admin job, but the guy I was replacing automated his job to the point that he was bored and did sys admin duties for other folks. I learned python on the job and learned about programming and automation. I stayed at that job a few years because they treated me well. I’ll switch jobs quick if I’m treated poorly, but I’ll stick around at least a couple of years for places that treat me well and work on my skills. A few jobs later and I now work as a security engineer. There’s nothing wrong with starting from the bottom and working your way up.
The biggest pay bumps come from job hopping. Having a degree can also help, but I wouldn’t say it’s absolutely necessary. I have a masters degree, but my current job gives zero shits about that. I did online school a couple of years while I was working and came out with no debt. At least as far as tech goes, no one cares where you got your degree.
It started will a small loan of $1 million from my father.
Got married at 23 and we’re still together 25 years later. Responsibility and accountability work wonders for discipline.
Saved more than we spent. Bought second hand clothes, and used furniture; meat that was marked down at the store, didn’t eat out, no extravagant trips.
Said “yes” at work to new opportunities. Invested in ourselves and in our professional growth which meant and continues to mean working more than 40 hour weeks consistently.
Invested in the stock market aggressively and continuously, bought into the downturns in 2009 and 2020.
We’re still healthy and have young kids and will retire in our mid-50s when they are teenagers and we’ll travel extensively with them and show them the world as we see it for the first time ourselves.
I’m an immigrant. Came to the USA with two suitcases to go to college. Parents paid for school (not Ivy League). Got a job 20 years ago, $35k a year after college. Few years later they paid for my MBA (in lucky and grateful). Moved around jobs, being thoughtful and working at what others perceive as “hard” (for me TBH it’s fun) and made $400k + last year. Own a house, and one condo.
Being “street smart”, working somewhat hard, and being very lucky is what’s got me to where I am today.
I don't make 400k, but I am in the top 1% for this area and came from extreme rural poverty. Growing up that was my motivation.
Not a high high earner (yet), I’m only 25. But, I grew up relatively poor and joined the military. I’m a huge believer that if that’s the cut of your jib and you play your cards right, military service is a gateway to being a very high earner, or at least long-term financial security
I didn’t come from poverty and the vast majority of high earning software engineers I’ve worked with didn’t either. Maybe it’s selection bias and people are more proud(rightfully so) to come out the mud than people like me(who are expected to finish school and earn alot).
Parents are immigrants from third world. They had little formal education. They basically worked blue collar jobs. I grew up in the inner city and went to terrible schools. I had goals during my youth to become better than my peers. I stayed out of the streets. I passed the time learning and doing online business when I was a teen. I went to college thinking I wanted to study business. I quit studying business bc the theory was uninteresting and very boring. Long story short I then became premed in college lol. Went to medical school and became a doctor. I now use my physician salary to resume business stuff that I dreamed of when I was a teen lol. I’m cheap too so I like to save money for future business ventures.
The interesting thing is that I went to a rough high school…. And my dumbass graduated in the bottom percentile lol. During college I simply had to learn how to study. I went through rough patches and only one medical school accepted me out of the 50+ applications. Tbh idk why they took a chance on me but I’m very thankful. I tell my whole family that my acceptance was the turning point in my life.
Basically if you have a goal in mind and envision it you can def do it. Stay away from certain peers that can take you in another direction. You may have to stay away from romantic partners when young too but ymmv. I didn’t have gf in my youth and I’m kinda thankful for that. I was envious of my friends with GFs during high school. A gf may have improved my self esteem but teen pregnancy was common in my area… so there’s that. I had to mature and find the right partner later in life. I don’t think any of those old friends make over 100k and they have multiple children on top of that.
Main reason I can come up with is motivation and drive. You grew up poor and wanted to do better, it’s just that simple.
After that it’s just potential. With the right motivation, you can reach your maximum potential.
Time is a factor as well. You grew up poor, so your motivation starts, grows, and builds when your old enough to realize what that means. If you set the goal at 10 years old, it’s easier to realize it by 30 than if you started this goal later in life. Same logic as being healthy and working out, it’s easier to start those habits early in life.
Instead of hopping from job to job I usually hop from job to unemployment, for some reason on my last “hop” to unemployment I got stuck and I’ve been here 4 years now lol
You really think they’d admit to inheriting/being a trust fund baby? Lmao
Work hard and work smart to make sure you never go back. Also learn from people's mistakes.
They were all poors
It's almost like the internet makes the world a smaller place.
Studied medicine. Became surgeon
That’s my story. The house I grew up in I wouldn’t let any of my family live in. Mom died when I was 13. No dad. Lived with grand parents. 54M Been in the same home service industry for 30 years. Started with a company and now own it. Make $500-$600k per year. Will likely sell it next year for first $20+ M. It can be done.
They lie.
So, my story is not necessarily a rags to riches story but when my mom was divorced and raising us by herself, we were definitely impoverished. Like, most of our groceries were donated goods that grocery stores were throwing away etc. Things got better when she remarried years later but still middle class at best and by then I was who I was. For me, it was mostly two things, serving a service mission, and getting married. The missionary experience was super humbling and helped me develop healthy habits that helped me grow up and want to help others. My wife convinced me I wasn't too dumb etc to become a doctor so I gave it a shot. Turned out well. The rest of it was only possible with massive amounts of loans. Like A LOT.
Lpt fuck other people over and don't pay then what they are worth is the quickest path to being rich.
- Started life in a 2 bedroom apartment with my mom, sister, brother, and household income of 35K/year.
- Did super well in high school studied every day and every weekend.
- Did OK in my elite college university for undergrad (got distracted by women and girlfriend)
- Worked hard and got admitted to a PhD program.
- Worked very hard in my PhD program to pass my qualifier exams.
- Worked even harder to finish my dissertation on time.
- Took a postdoctoral job for 80K/year.
- Then moved into tech took a job for 110K/year in 2017.
- Spent lots of time preparing to ace tech interviews, now I have 400K/year salary working in tech.
Not making quiet that. I make only $200k. But I grew up in poverty.
Here's my full story of anyone is interested.
My dad died when I was 2, he was 24. My mom barely had a high school education and didn't have any skills. We grew up living off of social security. Mom had the idea that she would make less money working than on social security. I was given a computer in Jr high. Found out what a single line bbs and got addicted the game trade wars 2002. I learned basic programming to help automate the game. I got a making pizza in order to upgrade my modem from 14.4 to 33.6, then later 56k. Come my senior year, I started studying for the comp tia a+ exam. Took the test the day I turned 18. (Not sure if that was required but assumed it was.) I ended up doing temp computer jobs for a staffing company called man power. This + Pell grants allowed me to graduate with BS in computer science and less than 20k of debt. 7 writing software ever since.
I am in very low cost of living area in a company that actually take care of it employees. No overtime, very low stress, and over 8 weeks of PTO. No desire to chase the money into FAANG type high stress job for the extra money.
Childhood: Grew up poor, parents divorced early, no one in the family had ever gone to college, got in trouble numerous times, etc., etc.
Climbed way out of that hole by: focusing on being BETTER…not BITTER, worked harder than most everyone around me, listen very well (rarely one of the first to speak), try to be sincerely interested in others…and their success, always willing to address the elephant in the room…and frequently volunteer to fix the issue(s), asked for feedback often and sought out mentors, took calculated risks when appropriate, and married a great woman who believed in me (and vice-versa!).
And yes, I give back to kids in challenging communities (both through involvement with non-profits and financial donations) as I feel obligated to lend a hand up to others.
It pains me when I see so many people (or groups) play the victim card. No doubt some people have deeper holes to climb out of, but I firmly believe that America is the land of opportunity. Where there is a will, there is a way. As Morgan Freeman said to Don Lemon: “People say they couldn’t achieve something because they couldn’t get out of here. Man the bus runs every day!”
Study 12 hours per day -> top university -> tech job. Done.
Looks like finance is the place to be. I made a mistake.
Little under the threshold, as I make 250-350k and I would say it’s a distinct lack of risk aversion to start.
My first sales job at 23 (2010)offered me 28k + Commission and my only thought was that’s the most money I’ve ever made and my paychecks may have a comma. Even if I fail I can save some cash and it’s more than I made anyway.
Bought my first house when I was 20 with a buddy because they were giving away loans and we thought if we didn’t get one we never would, I think I made about 12k that year and we could claim the rental income towards the mortgage and live in the other half.
Bought another duplex at 23 in a bank bid off because they were briefly giving loans away whilst the economy was crumbling.
Bought the house I live in at 25 in another bank auction whilst having 2 mortgages and without renters I could not cover if something bad happened. No sane human would have done what I did as it made no sense fiscally and chance of failure was massive.
Leveled up a few times by getting a new job and some experience and they started paying me.
The man can’t take anything when you have nothing to lose and generally don’t care if the worst possible outcome happens. I to this day am not scared of going back to poor should an opportunity arise.
Rich kids love to say they did it themselves. That evolves from “my parents are rich, not me” in high school.
It makes you hungry
It’s because they become obsessed with making money, often neglecting family. My father is extremely wealthy and was never around. Left for work at 5 and came home at like 10 every night. His dad was a janitor. He’s got millions now but he feels like a stranger. He tried to make up for it after he retired but it felt forced and I felt like a second priority.
My father worked in a flea market and I just passed $400k income in my mid-30s.
I went to a garbage high school, but there was a small honors program (30 students out of 800).
I graduated top 1% of my class, got partial scholarship to a top 25 school, took out loans, graduated into 2009 and got fucked, clawed my way back out, got into a top-5 mba, $150k more debt.
Then I did consulting > promotion > job hop to corporate strategy > promotion.
My brief bio. Father passed away when I was a kid. Mom raised 3 kids on a LPN salary, probably about 40k. I have always had to be independent with my own finances from a young age. Got my first job in retail a couple weeks after I turned 16 to pay partially for school, my car, insurance, gas, etc. Fortunately, I always had a good memory and comprehension skills so high school was easy. Stumbled a little my second semester in college but hunkered down my last 3 years getting almost a 4.0. Got into med school and eventually a pretty competitive specialty. Annual take home has ranged from 400k-732k depending on if I qualified for a bonus certain years. Have been able to pay off my wife's and my student loans (about 550k). Almost 40 now and have about 800k split between 401k, IRAs, investment accts and cash. The secret I would say is to be determined and be stubborn. Lots of people will doubt you, but don't make that doubt yourself. Also, I used to volunteer for big bros big sisters. Got young kids of my own so not much free time anymore, but I would like to volunteer again in the future.
The ones who grew up wealthy and remained wealthy don't feel the need to brag on reddit. Selection bias.
In my case I think it really stemmed from having a good group of friends early on (elementary school) who lived nearby but weren’t poor. It allowed me to see what life was like on the other side and gave me something to aspire to. More importantly, I grew up playing sports with those same kids. Team sports were a corner stone in my life - it helped instill confidence, developed leadership skills, grit, etc.
Second most important thing: moving away for college. Maybe not the smartest thing I ever did (graduated with ~$72k in loans) but it pushed me out of my comfort zone, really opened my eyes to life outside my trailer park back home, and made me hyper focused on my (then) newly established goal of never ever moving back home.
Being poor sucks. I’m a firm believer that even the toughest circumstances don’t define you. You want it? There’s a path for you to get it.
My wife and I combined income finally broke 500k last year. I grew up poor in government housing and she grew up in unbelievable poverty in the Philippines.
We both went to school for tech and got jobs that paid well. I think the biggest factor to us doing well was holding off having kids until recently
Grew up in projects of Chicago and just wanted to do everything within my power to be a successful as possible. I knew where I came from, I know where I am, and I sure don't want to go back. $200k/y
Very carefully.
I grew up poor and here I am….poor. Lol
Taught myself to code iOS apps from 2013-2017. Took a long time since I’m between I worked 2 jobs and went to college. Went from $75,000 my first iOS job in 2027 to $400,000 total comp. This year.
Well, I didn't. I grew up solidly upper middle class with supportive parents. Never had to worry about food or housing, and thus was able to spend a long, long time in schooling/training to become hyper specialized.
I think many people in my position had similar support and opportunities growing up. This isn't really to brag or anything - just that rags to riches stories are popular and up voted here, but it's probably overall the minority.
My parents never made more than 40k combined a year in their life. I wore used clothes and got free school meals in school. But they never had debt and didn't believe in credit cards and I learned a lot from that. My wife and I make 280k in a lcol area with no debt other then 100k left on the house. We dont drive flashy cars and put 3k a month into different investments/college accounts for the kids.